The One Big Beautiful Bill Act, signed July 4 of this year, locks in popular deductions, restores key incentives and introduces targeted relief measures — with some controversial tradeoffs.

The story: Fisher, P.A. is a proactive CPA and advisory firm serving middle-market businesses — and the firm is ready to help clients navigate the sweeping tax changes set to take effect this year.

• From bonus depreciation and R&D deductions to SALT cap relief and new credits for seniors and families, these updates present fresh opportunities — and new planning challenges.

The impact: While many Americans will benefit from larger deductions and extended tax breaks, the bill has raised eyebrows for its long-term budget implications.

• Plus, cuts in public spending tied to the legislation sparked debate over future impacts to social services and healthcare access.

The details: The bill introduces a wide range of tax provisions — some permanent, others temporary — that could significantly affect how individuals and small businesses file starting in 2025 (all subject to income limitations).

• Bonus depreciation: The 100% Sec. 168 first-year bonus depreciation deduction is now permanent.
• SALT deduction: Temporarily raised from $10,000 to $40,000 in 2025.
• Senior benefit: An additional $6,000 standard deduction for those 65+ (income limits apply).
• Child tax credit: Increased to $2,200 per child in 2025, indexed to inflation.
• QBI deduction: The 20% pass-through deduction is now permanent.
• Tip & OT relief: Temporary above-the-line deductions up to $12,500 for certain tips and $25,000 for qualified overtime.
• Vehicle exclusions: New exclusions apply to certain passenger vehicle depreciation limits.

What you're missing: One immediate change affects R&D deductions. U.S.-based research expenses can now be fully deducted starting in 2025 — with retroactive options for small businesses going back to 2021.

• Fisher, P.A. is working with clients to identify qualifying past expenditures and unlock accelerated write-offs.

Looking ahead: Many provisions are temporary or include sunset clauses, meaning businesses need to reassess multi-year strategies to ensure compliance — and avoid missed savings.

• For example: Taxpayers with capitalized R&D costs from previous years may be eligible for one- or two-year catch-up deductions, but only if elections are made properly. Fisher, P.A. is here to help.

The takeaway: Navigating the latest tax law changes is just one part of running a successful business — and having the right financial support matters now more than ever.

• By outsourcing bookkeeping and controller services, you can streamline operations, reduce overhead and access expert guidance tailored to your goals.

Fisher, P.A. seasoned accounting pros are ready to help your business strengthen its financial foundation, so you can get back to doing what you do best: running your business.

Find out how to get started.